https://www.taxtmi.com/caselaws?id=376891 The court allowed the writ petition, setting aside the rejection of the school's application for tax exemption under Section 10(23)(C)(vi) of the Income Tax Act, 1961. The court criticized the reliance on surplus generation as a factor for denying the exemption, emphasizing that reinvestment of surplus for school development did not disqualify the institution as a "not for profit" entity. The matter was remitted to the respondent for fresh consideration, directing an inquiry and a decision in accordance with the law. en-us Thu, 24 Jan 2019 00:00:00 +0530 Mon, 18 Mar 2019 09:05:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376891 The court allowed the writ petition, setting aside the rejection of the school's application for tax exemption under Section 10(23)(C)(vi) of the Income Tax Act, 1961. The court criticized the reliance on surplus generation as a factor for denying the exemption, emphasizing that reinvestment of surplus for school development did not disqualify the institution as a "not for profit" entity. The matter was remitted to the respondent for fresh consideration, directing an inquiry and a decision in accordance with the law. Case-Laws Income Tax Thu, 24 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376891